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FORM APPROVED OMB NO. 0575-0128 U.S. DEPARTMENT OF AGRICULTURE RURAL DEVELOPMENT FARM SERVICE AGENCY Form RD 1902-7 (5-88) FINANCIAL INSTITUTION SUMMARY FOR CBS Instructions: Item 1 should be completed

How to fill out financial institution summary for

How to fill out a financial institution summary:

1. Begin by gathering all relevant financial information, such as bank statements, investment account statements, and any other documents that show your financial assets and liabilities.
2. Start with your personal information, including your full name, address, and contact details. Also, include your Social Security or identification number, as required by the financial institution.
3. Proceed by documenting your income sources, such as salary, dividends, rental income, or any other relevant sources. Specify the amounts and frequency of these incomes.
4. Provide details of your expenses, including regular bills, loan payments, and any other financial obligations. Categorize these expenses to give the financial institution a clear understanding of how you allocate your funds.
5. Disclose information about your assets, which may include real estate holdings, vehicles, investments, or any other valuable items you possess. Specify their estimated values and any outstanding loans or mortgages associated with these assets.
6. Include information about your debts, loans, and credit accounts. Outline the outstanding balances, interest rates, and minimum monthly payments for each debt or loan.
7. If applicable, provide details about any investments you have made, such as stocks, bonds, mutual funds, or retirement accounts. Include the account numbers, current values, and any additional relevant information.
8. Consider including additional information that you believe may be relevant to the financial institution, such as your financial goals, investment strategies, or any significant financial events or changes in your life.

Who needs a financial institution summary?

1. Individuals who are applying for a loan or mortgage: Lenders typically require a financial institution summary to assess the borrower's financial stability and ability to repay the loan.
2. Individuals seeking investment advice: Financial advisors often require a financial institution summary to understand their clients' current financial situation and make informed investment recommendations.
3. Individuals applying to open a new bank account: Some financial institutions require a summary of a person's financial information to assess their suitability for certain account types or services.
4. Individuals undergoing a financial review or audit: Whether for personal or business purposes, having a comprehensive financial institution summary can facilitate the review process and provide an accurate overview of one's financial standing.

In summary, a financial institution summary is essential for individuals who need to demonstrate their financial status, whether for loan applications, investment advice, opening new accounts, or undergoing financial review. It provides a snapshot of a person's income, expenses, assets, and debts, allowing financial institutions or advisors to assess their financial health.

For pdfFiller’s FAQs

What is financial institution summary for?

The financial institution summary is for providing an overview of the financial activities and status of an institution.

Who is required to file financial institution summary for?

Financial institutions such as banks, credit unions, and other similar entities are required to file the financial institution summary.

How to fill out financial institution summary for?

The financial institution summary can be filled out by providing accurate and detailed information about the institution's finances.

What is the purpose of financial institution summary for?

The purpose of the financial institution summary is to provide regulators and stakeholders with a snapshot of the institution's financial health.

What information must be reported on financial institution summary for?

Information such as assets, liabilities, income, and expenses must be reported on the financial institution summary.

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